Flooring Market Analysis: Its CAGR, Market Segmentation and Global Industry Overview
Executive Summary
The global flooring market research reports indicate that the market conditions are favorable for growth, with a projected CAGR of % during the forecasted period. The market is expected to benefit from factors such as increasing construction activities, growing urbanization, and the rise in demand for aesthetically pleasing and durable flooring options.
Some of the key market trends include a shift towards eco-friendly and sustainable flooring materials, such as bamboo, cork, and linoleum. Additionally, technological advancements are driving the adoption of innovative flooring solutions, such as luxury vinyl tiles, laminate flooring, and engineered wood.
The geographical spread of the flooring market is significant, with North America, Asia Pacific, Europe, the USA, and China being key regions contributing to market growth. North America and Europe are expected to witness steady growth due to the renovation and remodeling activities in the residential sector. The Asia Pacific region, particularly China, is projected to dominate the global market due to rapid urbanization, increasing disposable income, and a booming construction industry.
Overall, the global flooring market is poised for significant growth, driven by various factors such as increasing construction activities, growing demand for sustainable materials, and technological advancements. The market is expected to witness steady growth across key regions, with Asia Pacific, particularly China, leading the way in terms of market dominance and expansion.
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Market Segmentation:
This Flooring Market is further classified into Overview, Deployment, Application, and Region.
In terms of Components, Flooring Market is segmented into:
- Mohawk Industries (US)
- Shaw Industries (US)
- Tarkett (France)
- Armstrong Flooring (US)
- Forbo (Switzerland)
- Gerflor (France)
- Interface (US)
- Beaulieu International (Belgium)
- TOLI Corporation (Japan)
- Milliken & Company (US)
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The Flooring Market Analysis by types is segmented into:
- Carpets & Rugs
- Resilient (Vinyl, Cork, Linoleum, Rubber, Resin)
- Non-resilient (Ceramic, Stone, Wood, Laminate)
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The Flooring Market Industry Research by Application is segmented into:
- Residential
- Non-residential
In terms of Region, the Flooring Market Players available by Region are:
North America:
- United States
- Canada
Europe:
- Germany
- France
- U.K.
- Italy
- Russia
Asia-Pacific:
- China
- Japan
- South Korea
- India
- Australia
- China Taiwan
- Indonesia
- Thailand
- Malaysia
Latin America:
- Mexico
- Brazil
- Argentina Korea
- Colombia
Middle East & Africa:
- Turkey
- Saudi
- Arabia
- UAE
- Korea
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Key Drivers and Barriers in the Flooring Market
Key drivers in the flooring market include increasing demand for aesthetically pleasing and durable flooring solutions, growth in the construction industry, and rising disposable incomes driving demand for home improvement projects. However, barriers such as fluctuating raw material prices, stringent government regulations, and intense competition among manufacturers can hinder market growth. Additionally, challenges in the market include the impact of the COVID-19 pandemic on construction activities, environmental concerns surrounding the disposal of old flooring materials, and the need for innovative and sustainable flooring solutions to meet changing consumer preferences and regulatory requirements.
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Competitive Landscape
Mohawk Industries is one of the leading players in the flooring market, headquartered in the United States. The company was founded in 1878 and has since grown to become a global leader in flooring products. Mohawk Industries offers a wide range of flooring solutions, including carpet, hardwood, laminate, and luxury vinyl.
Shaw Industries, also based in the United States, is another key player in the flooring market. The company was founded in 1946 and has since become a major supplier of carpet, hardwood, and laminate flooring. Shaw Industries is known for its innovative products and commitment to sustainability.
Tarkett, headquartered in France, is a global leader in flooring solutions with a history dating back to 1886. The company offers a wide range of flooring products, including vinyl, linoleum, laminate, and hardwood. Tarkett is known for its sustainable practices and focus on creating healthy indoor environments.
Armstrong Flooring, based in the United States, has a long history dating back to 1860. The company offers a diverse range of flooring products, including hardwood, vinyl, and laminate. Armstrong Flooring is known for its high-quality products and innovative designs.
In terms of market growth and size, the global flooring market is expected to continue growing at a steady pace in the coming years. The market size was estimated to be around $339 billion in 2020 and is projected to reach over $415 billion by 2025. Some of the key factors driving market growth include increasing construction activities, rising urbanization, and growing demand for eco-friendly flooring options.
In terms of sales revenue, Mohawk Industries reported sales of $ billion in 2020, Shaw Industries reported sales of $6.5 billion, and Tarkett reported sales of $3.1 billion. These figures highlight the strong market presence and financial performance of these leading flooring companies.
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